New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-10
MONEY AND BUSINESS.

For weeks it was predicted that the unlock
ing of money by the Treasury and the settle
mcnt of the Baltimore and Ohio matter would
cause strong rally in prices. Last week 1t
became known that The Treasury had added
S32 100000 TO the circulation in single
month. and that the Western Union had alb
sorbcd the Baltimore and OHIO telegraph. But
stocks declined IL % per share, heavy selling
on foreign account being reported to the close
OF the week Particularly gloomy accounts OF
injury to the cotton crop were INDUSTRIOUS!
sent North, but the price slightly declined
Elaborate accounts Of injury to the British and
French wheat crops were published, but wheat
advanced only quarter Of a cent. As activity
in speculation does not help any legitimate
business, neither producers. consumers nor
merchants have occasion To regret that ar
cumstanccs which were expected to brnS
about great speculative excitement have as
yet done nothing OF the sort
Railroad rates are still much unsettled west
Of Chicago, where the building Of new com
pcting lines has Of late years been especially
rapid, but the earnings Of foty-scvcn roads
for the last week Of September show an IN
crease Of 3 per cent over last year, even the
st. Paul losing only Al per cent. But ex-
pcnscs seemed to have increased rapidly; the
New York Central reports for the last quarter
an increase Of % per cent, against gain OF
hardly per cent in gross earnings. Here
expenditures were doubtless swclicd by better
mcnts and additions, but returns Of other roads
indicate that some increase in operating cX-
pcnscs is general on ffty-cight roads IN July
operating expenses were ii per cent larger
than last year, while gross earnings were 7.6
por cent larger. TO this difficulty in part
may be due the recent reduction in the price
Of steel rails which are now quoted at $50
for next years delivery. But the monthly re
port of iron furnaces shows the largest output
on record, 1iiG5S tons weekly, an increase
IF 4.3 per cent for the month and 1876 per
cent for the past year. The best grades OF
pig iron arc supported by comparative scarcity
but the commoncr grades arc pressed for sale
Meanwhile it is announced that twcnty-lour
new furnaces along a single railroad system
at the South TO be completed This year will
have Il capacity of 100000 tons yearly.
More cotton was sent to market or to spin
ncrs in September than in the first month oil
any previous crop year. The entire quantity
taken from plantations was $4,000 bales
against 1858 for the same month
last year, and the exports were
olG,s13, against 1889 bales lasl
year At Sl7 per bale, about S1OOOOOO(
was paid for the cotton moved in September
Of which about ST. 100000 represents the
value of exports, while the value of Stock
now in commercial hands is about 81 100000
The induccmcnt to make people think the crol
short is as obvious as the difficulty Of the task
at current prices, if producers had but littlC
to sell they would not be selling so freely
Manufacturers and the goods trade al,
doing we'll, though the recent demand fol
goods is somewhat irregular.
Some shrinklgc in the woolcn goods trade
may be inferred from the fact that sales o
wool at Boston for three months ending will
September were only q ,O2O5O4 pounds do
nestle and foreign, against 5S,639,19l pounds
for the same month, last year. Foreign imports
depressed the wool market rather by thci
fraudulent differentiation and conscqucn
low prices than by their magnitude; the to%i
imports in July and August at all ports Were
~ Ol6, S23 pounds, against 1851 1854 for The
same months last year Shipments OF boot
and shoes from Boston show an increase Of
per cent for the year thus far. but the lcathcl